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21 Sep

Pension money purchase allowance reduction 2017-18

  • Pension

One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been…

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21 Sep

Tax relief for electric vehicle charging points

  • Capital allowances

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital…

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21 Sep

When is a car a van for VAT reclaim purposes?

  • Value Added Tax

In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle.…

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21 Sep

Reimbursing employer for benefits in kind

  • Payroll

It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017. These changes will align the dates for…

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21 Sep

Changing your company’s year end

  • Corporate Governance & Regulation

There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under…

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21 Sep

Closing down a limited company

  • Corporate Governance & Regulation

There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as: being incorporated is not the best option the business is no longer trading or the…

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19 Sep

New Data Protection Bill introduced to Parliament

  • Employment Law

Following the Statement of Intent published in August 2017, the new Data Protection Bill has now been introduced to Parliament and it had its first reading in the House of Lords on 13 September 2017. The second reading in the House of Lords, which…

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13 Sep

Date announced for Autumn Budget 2017

  • General

The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said…

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13 Sep

Reduction in dividend allowance confirmed

  • Income Tax

Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due…

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13 Sep

Making Tax Digital

  • General

The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the…

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13 Sep

Card transaction disclosures

  • HMRC notices

HMRC’s Card Transaction Programme is a disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The disclosure opportunity has been widened to also allow businesses that accept cash payments to…

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13 Sep

VAT Annual Accounting scheme

  • Value Added Tax

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of…

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